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Should you pay off debt with the BankAmericard?

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If you’re carrying around some extra debt, a credit card with a low introductory APR can be one strategy to help you pay off the debt faster without accumulating additional interest. With an intro APR of 0 percent for the first 18 billing cycles (13.74 percent to 23.74 percent variable APR after), the BankAmericard® credit card is one option if you’re looking to transfer a balance and pay down debt. We’ll cover the details of this card, how balance transfers to this card work and whether it’s right for your wallet.

BankAmericard® credit card details were update on June 6, 2022

Details of the BankAmericard credit card

  • Intro APR on balance transfers: 0 percent intro APR for 18 billing cycles on balance transfers made in the first 60 days
  • Intro APR on purchases: 0 percent intro APR for 18 billing cycles
  • Welcome bonus: $100 statement credit after making at least $1,000 in purchases in the first 90 days
  • Regular APR: 13.74 percent to 23.74 percent variable APR
  • Balance transfer fee: 3 percent (min. $10)
  • Annual fee: $0
  • Rewards: None

0% intro APR offer on balance transfers

The stand-out benefit of this card is the 0 percent introductory APR on both purchases and balance transfers for 18 billing cycles (13.74 percent to 23.74 percent variable APR thereafter). Balance transfers must be made in the first 60 days after opening an account in order to qualify, and any balance transfers made after this date will be subject to the regular APR. With a full 18 billing cycles to pay down your debt without accumulating additional interest, you can jump-start getting your finances in order.

Balance transfer fee

The card does come with a balance transfer fee of 3 percent or $10, whichever is greater. Because of this fee, you should think carefully about whether a balance transfer is worth it for your situation. However, since (in most cases) the interest being charged on your current debt burden is likely higher than 3 percent, this card can still save you a significant amount on interest in the long run.

How does the BankAmericard’s intro APR compare to other balance transfer cards?

The BankAmericard’s intro APR period is impressive, but there are a few other no-annual-fee balance transfer credit cards worth considering if you’re looking to pay down debt, including the Wells Fargo Reflect℠ Card, the U.S. Bank Visa® Platinum Card and more.

Card 0% intro APR period Balance transfer fee Rewards Variable APR
BankAmericard® credit card 18 billing cycles (for balance transfers made in the first 60 days) 3% (min. $10) None 13.74% to 23.74%
Wells Fargo Reflect℠ Card Up to 21 months: 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to 3 months with on-time minimum payments during the intro and extension periods. Intro 3% (5% after the first 120 days, $5 minimum) None 14.49% to 26.49%
U.S. Bank Visa® Platinum Card 20 billing cycles (must be within first 60 days) 3% (min. $5) None 15.99% to 25.99%
Discover it® Balance Transfer 18 months (for balance transfers) 3% (up to 5% on future transfers) 5% cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1%); 1% on everything else 12.74% to 23.74%
Citi® Diamond Preferred® Card 21 months (for balance transfers made in the first 4 months) 5% (min. $5) None 14.49% to 24.49%
Citi Simplicity® Card 21 months (for balance transfers made in the first 4 months) 5% (min. $5) None 15.49% to 25.49%
Citi® Double Cash Card 18 months (for balance transfers made in the first 4 months)  3% (min. $5) 1% as you buy, plus another 1% when you pay for your purchases 14.74% to 24.74%

Wells Fargo Reflect

The Wells Fargo Reflect offers a 0 percent intro APR for up to 21 months on qualifying balance transfers (14.49 percent to 26.49 percent variable APR thereafter). This includes 18 months from the opening of your account, plus up to three additional months if you make consistent on-time monthly payments during the intro and extension periods. Like the BankAmericard, this card has no annual fee. But, you’ll need to pay an intro balance transfer fee of 3 percent ($5 minimum), which jumps to 5 percent after the first 120 days ($5 minimum).

U.S. Bank Visa Platinum

The U.S. Bank Visa Platinum has a 0 percent intro APR for 20 billing cycles on balance transfers (15.99 percent to 25.99 percent variable APR thereafter), which is two months longer than the BankAmericard’s offer. Balance transfers must be completed within the first 60 days, though. The card comes with no annual fee and a balance transfer fee of 3 percent ($5 minimum).

Discover it Balance Transfer

The Discover it Balance Transfer features a 0 percent intro APR for the first 18 months (12.74 percent to 23.74 percent variable APR after), putting it on par with the BankAmericard. Unlike most other cards on this list, this option earns cash back rewards between 1 percent and 5 percent, depending on the spending category. There’s also a Cashback Match welcome offer, meaning all cash back earned in the first 12 months will be matched by Discover.

Citi Diamond Preferred Card

The Citi Diamond Preferred Card has a 0 percent intro APR for 21 months, making it among the highest intro APR periods available (14.49 percent to 24.49 percent variable APR thereafter). Keep in mind that this card charges a 5 percent balance transfer fee ($5 minimum), which is a tad higher than other cards on this list.

Citi Simplicity

The Citi Simplicity offers a 0 percent intro APR for 21 months on balance transfers made within the first four months (15.49 percent to 25.49 percent variable APR after). Like the Citi Diamond Preferred, this card also comes with a 5 percent balance transfer fee ($5 minimum), which is something to keep in mind when comparing it with the BankAmericard.

Citi Double Cash

Lastly, the Citi Double Cash has a 0 percent intro APR for 18 months (14.74 percent to 24.74 percent variable APR after). This card also earns up to 2 percent cash back on all purchases (1 percent as you buy, plus another 1 percent when you pay), making it a great choice for customers looking to earn rewards while paying down debt.

Tips for completing a Bank of America balance transfer

The process to complete a balance transfer with a Bank of America card is fairly simple. When applying for the balance transfer card, you should enter a 16-digit account number on the credit card that currently holds the balance you’d like to transfer, along with the balance amount.

If you’ve already opened an account, you should look for the “Transfer Balance or Get Cash” option in your banking menu, then provide the account number of the card you’d like to transfer from, along with the amount you’d like to transfer.

If you’d prefer that someone walk you through the process, you can also complete a balance transfer over the phone. You should call the number on the back of your Bank of America credit card in order to speak to a representative.

The bottom line

The BankAmericard is a good option if you’re looking to pay down debt. While it earns no rewards and doesn’t come with many bells and whistles, the full 18 billing cycle of 0 percent interest intro offer (13.74 percent to 23.74 percent variable APR after) makes it a good choice for those looking to pay off debt faster.

After the introductory period has expired, however, there’s not a lot else this card has to offer. Unlike some other Bank of America credit cards, this card doesn’t come with any rewards and doesn’t participate in the BankAmeriDeals rewards program. That said, it’s worth considering if you’re looking to save on interest while working to reduce your debt burden.

Written by
Margaret Wack
Personal Finance Expert Contributor
Margaret has written for Money Under 30, MoneyGeek, The Simple Dollar, CreditCards.com, Interest.com and Fiscal Tiger, among other publications. She writes about subjects including saving, credit, insurance, investing and other financial topics.
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